Maastricht, 12 March 2014. The global
art and antiques market is almost back to the extraordinary heights of the
pre-recession boom years powered by buyers in America and by rising prices for
major Post-War and Contemporary artists, reveals a new report issued by TEFAF
Maastricht. The TEFAF Art Market Report 2014 – The Global Art Market with a focus
on the US and China shows
that total sales in the international art and antiques market reached €47.4
billion in 2013, an increase of 8% on the previous year. This is only slightly
below the all-time record figure of €48 billion achieved in 2007 just before
the global economic crisis shrunk the market to €28.3 billion by 2009.
The main factors behind the
continuing recovery of the art and antiques market in 2013 were a 25% increase
in the value of sales in the United States, which has now firmly re-established
its position as the principal centre of the global market, and by an 11% growth
in the value of the Post-War and Contemporary sector. The latter reached its
highest-ever auction sales total of €4.9 billion as significant record prices
were paid for artists such as Francis Bacon, Roy Lichtenstein and Andy Warhol.
However the recovery is not uniform across all areas of the market and all
Dr Clare McAndrew, a cultural
economist specialising in the fine and decorative art market and founder of
Arts Economics, has compiled the report. It has been commissioned by The European Fine Art Foundation,
organisers of The European Fine Art Fair
(TEFAF), which opens to the public in the Dutch city of Maastricht on
Friday (14 March) and continues until 23 March at the MECC (Maastricht
Exhibition and Congress Centre). TEFAF
Maastricht, the world’s leading event of its kind, is renowned for its
commitment to excellence, expertise and elegance. It is the Fair that defines
excellence in art.
The TEFAF Art Market Report 2014 – The Global Art Market with a focus on
the US and China says
that last year the United States had 38% of the world market (up 5% in share).
China, which briefly overtook the US in 2011 but slipped back dramatically last
year, saw a cautious recovery with a 2% growth in value but its share of the
global total was slightly down at 24%. The UK remained in third place with 20%
(a drop of 3%) while the European Union as a whole dropped by 3% to 32%.
“After recovering strongly in 2010,
the global art market has experienced mixed performance within different
sectors and between nations,” says Dr McAndrew in the report. “The much more
moderate growth in sales over the last three years reflects the fact that
different areas of the market have been recovering at different rates. Some
sectors and individual businesses have reached peaks well in excess of those
achieved in 2007, while others are still struggling to regain momentum.”
The report looks in detail at the
art and antiques markets in the United States and China. It says that the
American market has doubled in value to €18 billion since 2009 and is the
leading centre for sales of the highest priced art and antiques. Post-war and
Contemporary art accounts for 59% of the value of sales in the US. Although
growth has slowed in China, it remains the most important of all the newer markets
with a turnover of €11.5 billion in 2013. Chinese paintings and calligraphy are
the largest sector with 56% of the market by value. Non-payment by winning
bidders at auction remains a persistent problem with only 56% of lots at
Mainland Chinese auction houses being paid for within six months.
The principal findings of the report are:
● The international art and antiques market
reached €47.4 billion in 2013, close to its highest-ever recorded total in 2007
and an 8% increase on 2012.
The volume of transactions increased in 2013 but by less than the growth
in value showing that the market increase was driven by higher-priced works not
Sales in the United States increased by 25% in 2013, confirming its
position as the key centre worldwide for sales of the highest-priced art. It
had 38% of the global market.
The Chinese market staged a cautious recovery in 2013 with a 2% growth
in value but its global share dropped by 2% to 24%. It is the most important of
the newer markets.
● In 2013 the UK kept its third
place with 20% global share (down by 3%) while the European Union as a whole
fell by 3% to 32%.
Post-War and Contemporary art was the largest sector of the market
growing by 11% in 2013 and accounting for 46% of the fine art auction market by
● World imports of art and antiques
reached a record total of €17.6 billion in 2012 (up 19%) reflecting the ever
more global nature of the market.
In 2012 The UK was the largest importer and exporter of art globally
with imports of €6.1 billion exceeding exports of €5.8 billion.
Online art and antiques sales in 2013 were estimated conservatively at
more than €2.5 billion, or about 5% of the market, and could grow at a rate of
at least 25% per annum.
There were 32 million millionaires worldwide in 2013 of which 42% were
in the US. At least 600,000 of this global group are mid to high-level art
Businesses in the global art market in 2013 directly supported 2.5
million jobs, including over 400,000 in the EU, 587,000 in the US and 300,000
Dr McAndrew will present the
findings of her report to the press at 09.30 hrs on Friday 14 March prior to the start of the third TEFAF Art Symposium. The 2014 event
entitled Addicted to Vintage: Trends in 20th–Century Design will take
place directly after from 10.15 hrs to 12.00 hrs in Auditorium 1 at the
Congress Centre at the MECC in Maastricht. For more information and
registration please see www.tefaf.com/artsymposium
Copies of the report at €20 each,
excluding postage, can be ordered through the TEFAF website www.tefaf.com under Shop. An e-version of the
report will be published later this month.
Art, more than an Asset
TEFAF shares its view of art as more
than an asset with its principal sponsor, AXA ART. Their partnership provides
art collectors with unique expertise covering the full range of risk prevention,
conservation, recovery and restoration, to enable them to maintain their
collections in the best possible condition. www.axa-art.com